- USD/JPY trades sideways near 158.00 as investors look for fresh cues on the Fed’s rate-cut timeframe.
- US Retail Sales barely grew in May against expectations of 0.2%.
- The BoJ minutes for the June meeting showed that policymakers discussed hiking interest rates sooner.
The USD/JPY pair trades close to seven-week high near 158.00 in Wednesday’s European session. The rally appears to have paused for the time-being amid uncertainty over Federal Reserve’s (Fed) interest rate path and the release of the Japan’s National Consumer Price Index (CPI) data for May, which will be published on Friday.
Market sentiment remains positive for risk-perceived assets amid growing speculation that the Fed will start reducing interest rates from the September meeting. S&P 500 futures have posted some gains in European trading hours. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, edges down to 105.15.
Market expectations for the Fed to begin reducing interest rates from the September meeting strengthen after the United States (US) Retail Sales data for May missed estimates. Monthly Retail Sales grew by 0.1%, slower than expectations of 0.2%. The Retail Sales report also showed that households cut discretionary spending, which indicates weak purchasing power due to high inflation interest rates.
- USD/JPY trades sideways near 158.00 as investors look for fresh cues on the Fed’s rate-cut timeframe.
- US Retail Sales barely grew in May against expectations of 0.2%.
- The BoJ minutes for the June meeting showed that policymakers discussed hiking interest rates sooner.
The USD/JPY pair trades close to seven-week high near 158.00 in Wednesday’s European session. The rally appears to have paused for the time-being amid uncertainty over Federal Reserve’s (Fed) interest rate path and the release of the Japan’s National Consumer Price Index (CPI) data for May, which will be published on Friday.
Market sentiment remains positive for risk-perceived assets amid growing speculation that the Fed will start reducing interest rates from the September meeting. S&P 500 futures have posted some gains in European trading hours. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, edges down to 105.15.
Market expectations for the Fed to begin reducing interest rates from the September meeting strengthen after the United States (US) Retail Sales data for May missed estimates. Monthly Retail Sales grew by 0.1%, slower than expectations of 0.2%. The Retail Sales report also showed that households cut discretionary spending, which indicates weak purchasing power due to high inflation interest rates.
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